- May 24, 2022
- Posted by: Amos Ekow Coffie
- Category: Economics
Amid growing discontent over the current economic situation and the rising cost of living, Ugandan President Yoweri Museveni said his government will not intervene to ease the burden on the nation.
In a televised national address on Sunday night, Mr Museveni said that government subsidies or removal of import taxes would collapse the economy.
The cost of food and imported raw materials have been rising in recent months due to the surging price of petroleum products.
The problem has been exacerbated by global supply chain constraints following the war in Ukraine.
Mr Museveni said Uganda will need to be frugal with the imported goods it can afford.
He advised citizens to substitute expensive wheat with locally available food such as millet, maize, green bananas and cassava.
But even the price of these items has been rising due to transportation costs.
Ugandans are having to buy smaller quantities of basic items or give up using their cars to cope with the crisis.